Een interview met de tovenaar . Zij die Joel Greenblatt een beetje volgen, zullen niet verrast zijn.
"...investors (in a manager/fund) don't really know the logic that went behind each investment, all they really have is the numbers, the results. Unfortunately, results over the last 1-3-5 years of managers have not much to do with the results of the next 1-3-5 years. But that's all people look at. Giving money to them that have performed the best, taking money from the worst...
What you really wanna look at is process, are they evaluating and valuing businesses in a disciplined and effective way? "
Al was het antwoord op de eerst vraag ook erg sterk:
"if there is any secret, it is understanding what you're doing. For most people stocks are pieces of paper that bounce around and put ratios on them and figure out difficult math problems with them. To us they are merely ownership shares of a business that we're trying to value and buy at a discount.
I think people who are successful at that :
a) understand that
b) really enjoy what they are doing...enjoy figuring things out"
'k Zal nog maar eens in herhaling vallen: focus op de methode, op de strategie, want daar heb je de volle controle over. De resultaten kan je niet controleren, maar als die op een ex ante rationele strategie volgen, zullen die resultaten op den duur wel meevallen.